Hello all, I have started trading on december 2013 with a capital of 70k. I have almost invested a time of 5 months for going through some books and i have good winners in this mean time. Now im completely eaten by the market with my poor money management skills and now i want to start it again from the scratch. Can someone please guide me where i need to start and i am very very seious about this trading and want to make it as full time.
Thanks in Advance… 
Jagadeesh,
The problem you have identified is the biggest difference between people who make to who don't in the markets - Money management skills.
Some of the things to remember,
Don't trade with scared money ( scared is when the money is either borrowed or leveraged), the odds of winning reduces considerably.
Most traders are undercapitalized to take this as a living, so if you ever decide to do this full time, make sure you have a decent enough capital to give you a winning chance.
Do check this out, you will find a lot of insights.
Cheers,
Nice Jagadeesh. You have moved one step ahead by accepting to be a loser. I have coped with this kind of thing by also accepting that ‘Trading is a Journey, Not a Destination’. Trading can be done until Exchange would keep opening everyday in life. What I did to continue the journey is that i took decision to lose only 5K permonth/60K peryear. I did technical/fundamental studies on NIFTY, BANKNIFTY and USDINR. Then came up with at least 3 strategies on each for that particular month. So, for each of the total 9 strategies, came up with Risk/Reward ratio with numerator(Risk) being constant at 5K. Then choose the best from the rest and play it in the market. If the chosen strategy fails, accept it as you would not come up with that for the cmg months. If the chosen strategy completely loses 5K, keep doing the study but do not trade for that month. Start trading only from starting of the month. Over months, definitely trading got improved and would have lost a fixed amount of money,if lost. Then over year, this trading knowledge is imparted to other securities one by one.
Another thing is, instead of reading books, view trading webinars. I have found useful webinars at this link ( https://www.interactivebrokers.co.in/en/?f=%2Fen%2Fgeneral%2Feducation%2FpriorWebinars.php%3Fp%3Dl ). Trading webinars usually concentrates on different strategies and Trading is just nothing but playing the strategies.
In the trading journey, do not forget have a stopover to have some short break by viewing short videos ( http://www.thedisciplinedtrader.com/ ) or by visiting youtube videos.
Keep Trading,
Thanks nithin. I can take much enough time to convert this into my full time profession. But what i need right now is where i can start again to become consistent. i just need confidence that i can make decent money in this trading industry. Im going through Jhon Murphy’s technical analysis book now. After that i ll learn AFL. Im ready to do everything that takes to make me consistent in this trading world.
Best of luck
Thanks a tonn sdg. That is very informative and thanks again for those links. Ll keep everything you said in mind.